Transcripts For FBC Cavuto Coast To Coast 20240713

Jobless claims news, over last nine weeks, over 40 million americans applied for first time jobless benefits this is expected to be about the worst of it. We might see an unemployment report tipping 20 or so. That could be the worst of it or at least that is the hope. Lets getted read from Jackie Deangelis following what is happening on the virus, following what is happening on the markets putting it all together. Hey, jackie. Reporter neil, with respect to a bumpy ride the markets are a little confused today. Down 50 points, this is smaller bump than weve seen in the past which is definitely a good thing. The big question has always been as states start to reopen, are we going to see a spike in cases . That was always the fear, the argument against reopening. Here is what we know, global cases topping five million but that doesnt really tell the whole story. Testing has become more readily available. More people being tested. It will look like more people have the virus, presumably before a lot of people had it, we didnt necessarily know about it. Meantime look at the jobless claims. Market definitely taking that into consideration. Theyre telling us two things. A lot of people are still filing for Unemployment Benefits, 2. 4 million last week. So the total number of people that are out of work because of the coronavirus, close to 39 million. I mean that is a Staggering Number but at the same time that weekly number is decreasing since it peaked on march 28th. It was 6. 6 million then to give you a little bit of sense of perspective. Remember as you mentioned, when we get the may unemployment report the numbers will be ugly but the market knows that already. We hope that is being factored in here. Having said that, tech did lead the day forward. So we were watching stocks like amazon, facebook. Think about the importance of technology throughout the pandemic. For those arguing that maybe we should scale back how Much Technology we use, you realize how important it was for people to not only have those services but the convenience throughout this. That sent the stocks much higher. We saw amazon and facebook at new record highs. Finally in a note to clients, jpmorgan is looking at impact of viruses, the virus on the markets. It charted spread of the virus of u. S. States that reopened in order to forecast where the market goes from here. They found infection rates declined after lockdowns ended. That is amazing. You see majority of states under that line there. And they say couple that fact with the fact that weve got lot of monetary and fiscal measures taken by the government, by the fed, to help people stablize the economy. And they think the markets will recover quicker than expected. Back to the point of bumpiness we talked about, 46 points down on the dow now, these bumps are going to get smaller if jpmorgan is correct, neil. Back to you. Neil the one thing own amazon i was curious about the fact theyre pushing back the prime day to september. That wasnt expected or was it, just hit a record alltime high . Yesterday it has been backtoback, kind of phenomenon. What is driving that . It is tough for this company to kind of operate in this environment, that has been so challenging but they have been really hitting it out of the park. They implemented a lot of measures to make sure people get what they need, when they need it, with respect to the pandemic because of the lockdown. I think that is really where the focus has been. The company is saying we can look at prime day, you know, something we do down the line. Remember, if youve been ordering on amazon as i have, essential items are not coming that quickly. It could take anywhere two weeks to a month just on regular shipping to get, you know, an item more discretionary in nature. Remember a lot of employees, essential workers going in taking those risks, taking those hits to make sure orders are fulfilled on essential items, neil. Neil wellput. All right, thank you, jackie, very much. Well come back to you a little bit later. Meantime the president is heading out to ypsilanti, michigan to a ford plant. He has had a touchandgo relationship with ford but this particular plant has a lot what he wanted to see companies do, renovating itself to make ventilators, personal protective equipment, ppes. It has been on again, off again relationship with the big automaker. Combs at a time people wonder whether the president wear as mask to the facility. Blake burman following that. Hey, blake. Reporter a lot going on as President Trump set to leave the white house for the state of michigan. He wit be visiting a ford plant there, completely shut down in march, but started to bring back in workers, got into the ventilator making business and did so very successfully and that is what the president is going to be highlighting in part as he goes to ypsilanti down from ann arbor a little while from now. Mike pence teed up the president s departure when he spoke to start varney a little while ago. Watch. We brought together with General Motors with,ge and now with ford as the president will reflect today that are now building ventilators. Well actually have 110,000 ventilators constructed in 100 days. I think it is nothing short of a national accomplishment that no american who required a ventilator in this country was ever denied a ventilator. Reporter national accomplishment. 9 Vice President says that is clearly what the administration, neil, what the president will try to highlight at this ford plant event. However you brought up the issue of a mask. That is sort of made its way into the forefront because at that plant it is required. You have to go into the plant you have got to wear a mask. However in the leadup to this ford said they would defer the decision to the white house. The Vice President said in turn that would be deferred to the white house physician. So as we await the president leaving the south lawn here, i have got a feeling, president was asked about this a couple days ago, that could potentially be one of the questions he is asked here as many people all across the country look to the president of the United States for guidance. Neil . Neil so then you got to wonder if he is not wearing a mask, to make him not feel isolated, the other ford executives with him if theyre not wearing a mask, gets to be sort of like reading each others physical demeanor . Reporter and the argument would be. Ill send it back to you, neil. Neil no. Reporter i was going to say that the argument that the white house okay. I think we got a delay. I will kick it back to you. Neil we do, we do. Nice escape there. Blake burman, i dont think he will going to wear a mask. Now that they have heard this of course he will wear a mask but im telling you i dont think it is going to happen. Mike 11 joins us, former utah governor, former health and Human Services under bush 43. I will ask you the question on everybodys mind, do you think the president wear as mask when he goes to the ford facility today, and do you think he should. I dont know whether he will wear a mask or not. I will tell you i have a mask in my pocket. I will wear it if i cant social distance. That is just me. I think the decision most americans are having to make right now. Neil all right. We have some audio issues, with you governor. I hope we can fix them. But i did want to get your sense where you see this whole process going . Your state, like so many other states, like all 50 states are in some way unwinding provisions that have been in effect for better part of a couple months. Alaska, by tomorrow, sir, will be back exactly the way it was prior to all of this. Other states could very, very quickly follow. Are you surprised at the pretty fast pace of all of this . Social distancing and kinds of things we did were drastic action but it was like a medical intervention and with any medical intervention there will be side effects and weve been feeling them, once you have had the benefit of that medical intervention you have to manage it. Right now, were learning how to manage the sideeffects of the medical intervention and were going to learn as we go. This is a time well need to rebalance the way we responded and which need to learn what works and what doesnt. Neil when you look at the whole environment right now in the country, obviously we have to balance, i get it, Peoples Health getting them back to work, that can compromise with health if that is delayed too much, it is about the Economic Impact of all of this. We already know that claims over the last nine weeks gotten close to 40 million americans and that this could drag on a while, the impact of this could drag on a while. Do you think that the recovery automatically, much slower than earlier thought. We bounce off where we are . Just going from zero capacity, for example, to at least some capacity means it improves but that could be slowgoing . In business [inaudible]. I am not vshaped recovery. I think it is a little longer than that because we had things ahead of us we havent yet faced. I dont think were going into the kind of lockdown we did before but it is very possible we could be facing some difficulty things we havent dealt with. I use the term rebalancing and learning. I think we wind up doing both during the next several months. Neil all right. Well watch closely, governor, secretary. Always a pleasure having you on. Be healthy and well, your family, everyone around you be well. In the meantime here it is a salon in wisconsin but the owner of that salon arguing on religious grounds, going after the state for forcing her to not open. It is a little bit more convoluted than that. She runs the kingdom clutch, the owner there. Jessica, maybe you could explain this to me, it is a salon, you cut hair. It is a religious effort as well. Could you explain that to me . So, i have had past for me, what is in my relationship with god has been kind of sordid. And so when i was able to open the salon and start it, it just was very important to me that i ran it as a christianbased business. It has been in my websites, listed in my brochures since the getgo. Basically how i treat people and how i operate the salon and my whole salon to covered in bible verses. I dont have to always preach to somebody or whatever but i prayed with people in my salon. I have witnessed to people in my salon. It is just, that is an important aspect of my salon, what i do. It is more than just cutting hair for me. It is ministering to people. Neil so when the state was delaying the opening of such salons, you had argued not so much on the business as much as religious grounds that it was unfair. Have you filed suit against the state, the governor, because of that . Thats correct. It is, i wouldnt say it is more one than the other, its both. At the end of the day, im a mom trying to feed her family and keep afloat. I was looking at losing everything. On top of the fact that i could no longer minister to other people. I mean my parents there is a lot to it. It is multiple things. And it is not just me. It is not just for me. There are hundreds of thousands of people and businesses out there that are in the same position and so it uss, so everybody can open up, make a living, provide for their family and not lose everything. Neil now you probably heard what happened to the belmawr, new jersey gym owner whose store was closed because he had been keeping it open. Now he insists he will reopen it and continue to serve customers. That is new jersey, there is a mixed sort of treatment that, you know, store owners such as yourself are getting when they defy state regulations and rules. Now obviously you filed this suit. I dont know if you heard back from the governor or any of his people, but, they have made it very, very clear that you cant be doing this, so what do you do . I, well, the Supreme Court obviously came out in wisconsin and said that, this is, you know, unconstitutional and wrong for many reasons. So i just kept running, i just kept working. I had no choice. At the end of the day i had no choice. I worked very hard so that i wouldnt be on government assistance and i wouldnt be on any kind of housing and to build a family, successful business so that my family, my girls, i have three daughters so they can see, you know, what youre supposed to do here. Youre supposed to work hard. You know, make yourself successful so that you dont need help and handouts from the government. I kept working. I will continue to keep working. I have, and a lot of businesses are now able to reopen and, continue to work. Neil all right. We wish you well. Youre a brave lady. Obviously the powers that be in your state for what seems a good arguable reasons here. Keep us posted on how this goes because you have got a nation watching you very, very closely, jessica. Be well, thank you. Thank you. I appreciate it. Neil all right. Again we will be monitoring that particular case here. Also monitoring what is happening on wall street right now, where a selloff in the dow, not a big one. Some Technology Stocks that led the parade well theyre not leading it as much people will often find reasons to pounce on issues that hit alltime highs like facebook did yesterday, like amazon did yesterday. That is exactly what theyre doing. They might come up with a variety of excuses to plain that. It cobe as simple as that. Stay with us. Youre watching fox business. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief. Neil all right. The longer this drags on the more jobs lost, diego ortiz, Job Creator Network ceo, joining us via skype, says this is what happens when you have things shut down and he sort of wants to get a Second Opinion on that. Alfredo, very good to have you back with us. Thanks for having me. Neil your store is reopening very good to have you. It is not happening at the pace you like to see, right . You want to speed it but theyre not speeding it up, so what do you do . Neil, thats right. At the end of the day it is not about the economy versus life but life versus life. Some of the folks insisting continuing shutdown would be on some phone calls im getting directly from Small Business owners across the country, friends of mine who have been in business for decades who are strong supporters of the community in tears because overnight, effectively they have seen their entire life savings and life dream up in smoke because of something the government drove, which is a government shoulddown. This is not about economy versus life. It is about life versus life. This is reallife people being impacted on a grand scale. We saw jobless claims today, neil. Look at numbers. Were talking almost 30 million jobless claims right now. 15 unemployment. This is about wears a mask real wears a mask it gets, neil. Neil in fact close to 40 million over the last nine weeks to your point. I wonder, though we do see, not consistent in all states, alfredo. Certainly a lot of states seen unexpected uptick in cases. Texas came to mind. There was a brief runup in wisconsin, what have you. Im wondering whether, when you hear news like that, governors are going to seize on that, governors in other states that might not have the same thing, and say, were going to go slow here. Maybe slower than we planned . Yeah, thats right, neil. Why we took the fullpage ad out in the wall street journal today asking dr. Fauci for a Second Opinion. This is real. He brought up some good points but we do need the Second Opinion because we needed indicated decisions to be able to make these really, what im calling massive decisions whether to open, whether to close. Really in some cases down to zip codes, down to counties and municipalities. We have to be educated. What we need to make sure we can protect and we can show this, we can isolate the few here, neil to protect the many, instead of really isolating the many to protect the few. This is what is most important. This is why we took the ad out to ask that very, very important question so that americans ask that question of themselves. America did what it needed to do for the first few weeks. It shut itself down to protect everybody, to flatten that curve. Flattening that curve. We did not do that to eradicate covid. We did it so that we wouldnt max out our health care systems. We have achieved that. Now we got to go back to that objective. We achieved that objective. Got to open up our economy safely and smartly. We have to do this, like i said, neil. People on the phone calls i get from people across the country, Business Owners of all different types, different political affiliations this is real life. It is impacting their lives and livelihoods. It is a tough decision. This is life versus life. Neil i know what you say about dr. Fauci, he is oaf the opinion, sometimes we could be rushing this. So you want a Second Opinion to his opinion, what youre essentially saying . Thats right. Like in life, neil, whenever we get something a serious medical condition, people Say Something about that of our own lives, we seek that Second Opinion. That is all i think were seeing for, respectful here. Dr. Fauci is it great american. Done fantastic things for our country. All we ask is a Second Opinion so we make educated decisions wears a mask americans. Neil all right. Well be watching it very, very closely. Be well, be safely, be healthy. Alfredo ortiz, job creators nyet work president and ceo. He looks after those he cares very much about. A lot of americans do. Like dr. Fauci he will argue to the cows come home about the wisdom going slow on this. Do you have other folks like alfredo, yeah there is such a thing going at a pace but this pace drags on much longer were all in deep trouble. Stay with us. We could never do what they do. But what we can do it be a partner that never quits. Verizon is the most Reliable Network in america. Built for interoperability and puts First Responders first, giving their calls priority, 24 7. We do what we do best so they can too. Confident financial plans, calming financial plans, complete financial plans. Theyre all possible with a cfp® professional. Find yours at letsmakeaplan. Org. Neil by now you know that 2. 4 million americans are applying for firsttime jobless benefits while the trend is down, what is unmistakable over last nine weeks over 40 million americans have done so. The lockdown leads to claims going up . The hope this slows down and starts reversing. This is the worst of it, too soon to sell. Edward lawrence following all of this very closely. Edward. Reporter neil, jobless claims very bad number but the trend is coming back down. Looking at this economy wondering whether it will open up. I have a very special guest, joining me boston Federal Reserve president eric rosengren. His fed is responsed or tasked with the responsibility of looking through the main Street Lending facility, that will help small and medium businesses. Eric, i want to ask you when the program will be up and running because people want to know when they can keep their jobs . Were hoping to have the program up in next couple weeks. Fairly soon well putting up the lending documents which are Important Documents obviously for the borrowers and the lenders. After that well need to register the lenders. Then well be able to start taking in loans. It will take about two weeks. Were making progress about it, this is complicated facility, unlike other facilities focused on facilities, this is focused on bank loans. Bank loans are complicated documents between borrowers and lenders. We want to make sure the details are right. Reporter comblycation is what is taking so long . Is that what it is . There are a number of things that make this particularly complicated. One is, previous facilities that the Federal Reserve has done both now and during the financial crisis where securities that are standardized products for mostly very large firms. A bank loan ask a nonstandardized product for mostly small and mediumsized firms. So we have a lot of outreach to both banks and borrowers, beat back on the term sheet, very complicated legal agreements simplified in a way we can provide financing that would work for a wide variety of borrowers and lenders. So that complication, and that amount of feedback we tried to get from the industry is one of the reasons why it has taken this long. Reporter but eric, weve seen number of bankruptcies from march, chapter 11 bankruptcies specifically from march to april increase 26 . Is this too late for those small and medium businesses . I dont think it is too late. I think that firms are in different positions. Were trying to get this up wears a mask fast wears a mask we can. Once we have the facility up, it will work for some borrowers and not other borrowers. A key element of the program you have to have a bank that is willing to underwrite the loan along with us. So the banks are are taking depending which of the loan programs between five and 15 . And the Federal Reserve is financing the rest. But you need to have a bank that is willing to underwrite the loan. Reporter lets turn to unemployment. Where do you which they peak at the end of the year . Unemployment rate like gdp has been affected by the mandated shutdown which was done to try to keep control of the pandemic but its a mix of people that are mandated to shut down along with businesses that are having a great deal of difficulty. Wears a mask a result having less demand or are actually failing wears a mask you were just alluding to. So i think it is a little premature to know exactly what kind of mix were going to have. The Unemployment Rate is probably around 20 wears a mask we get into june. That is taking into account that we had a relatively problematic initial claims. Thats added to several weeks where we had very high increases in initial claims and at the end of the year, i still expect the Unemployment Rate to be double digits, which is to say there is going to be where were at. It will certainly not be recovery back to full employment by end of the year. Reporter do you see gdp following that with the peak, or with the low i should say coming now, then well see it gradually come up or a quicker rebound to come back up . Well the part that is a result of state mandates to shut down why it was so precipitous in terms of falling. Many firms will be able to open up wears a mask these mandates are taking off. So as a result were going to see a pickup in gdp. That is also folk to be relatively large, but i think the more important factor is, is it going to be offsetting the amount of decline we have. Not all of it is going to be on set. That is why well still have doubledigit unemployment is my forecast at the end of the year. Reporter when do we get back to that . Is it next year we get back to the maximum employment where we are with record unemployment or record low unemployment i should say . Is it next year or years . I think it will be probably the end of the following year but theres a big if in that. Right now Economic Projections are very much tied to the Public Health out comes. So if were relatively successful controlling the pandemic. If we get medical solutions either with new medicine or a vaccine. That is a very different out come than if we dont get those things. In particular if we have another sharp increase in the fall, people that are becoming infected, we had to have shut downs in some parts of the country. That is going to prolong the economic theme wears a mask well. So economic forecasting, normally i dont consult epidemiologists. Right now we are definitely consulting epidemiologists getting a sense what the Public Health out comes from going to be. Reporter eric in the last 10 seconds, states opening up, good move, bad move, how do we mitigate that quickly. If we do it safe and responsibly it is good news. In the end we need consumers to feel confident, they can spend, shop, go to museums, go to see movies and were not there yet. Hopefully well get there soon, but we have a ways to go yet. Reporter boston Federal Reserve president eric rosengren, thank you very much. Neil, you heard there, peaking at 20 for the Unemployment Rate. Coming back, not the vshaped were indicating but well get rebound. Record unemployment saying back in 2022, possibly. Back to you. Neil his words certainly carry weight. Edwards thank you very much. My thanks to the boston fed president. Also letting you in on the slowgo the boston fed president touched on. Airlines are proof of that. They will be flying obviously. They will not be flying at full capacity. That you will get used to it. In fact jetblue is making it clear that that middle seat that has been bone of contention for some carriers, blocking it off. You dont have to worry about it. No one will be sitting in it. Jetblue ceo after this. 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I think eight or nine are seriously coming along here. Which one wins is anyones guess. We commit ad good deal of money from the astrazeneca option here. Well keep an eye on that. When the tape comes from the south lawn, any other comments president making well forward that to you. We have a congressman joining us, republican from the beautiful state of missouri with lots to talk about, congressman. I appreciate you taking time. Appreciate what the president says, about vaccines and modern day Marshall Plan were providing government muscle on various efforts to come up with something. Maybe by end. Year, early part of next year. What do you think of this . I think it shows the greatness of america, american ingenuity. Im proud of scientists and researching out there working so hard to find this vaccine that is going to be an important key step to fully reopening our country. Like to see the kids get back into the schools, see our businesses thriving once again. And i think it is very positive news. Neil there are other developments, that i know i keep throwing breaking news items, when the president says stuff i like to bounce them off important folks like you. President says chinas move on hong kong, it will really crack the whip, im just paraphrasing here and take some security measures against hong kong, maybe cynics say because of the cover for the coronavirus, president went on to say if it happens the u. S. Will have a very strong reaction. Wears a mask you know, youre a big agricultural state wears a mask well, relations between our countries have gotten significantly frayed. Are you worried that this type of talk, other types of actions we might take are going to throw out that trade agreement, maybe the chinese dont buy wears a mask much beef, they dont buy wears a mask much Agricultural Supplies they committed to. What do you think . Well, that is a concern but the Chinese People do have to eat wears a mask well. They have african swine flu pandemic in their pork population that has caused many of their pigs to die and they need pork from other countries. They need need beef. And so, they will continue to still buy from us hopefully they do it a fair way. Were asking china play by the rules the rest of the world does, whether trade or economic trade, or whether it is with our military and our national defense. China has not been a fair player. This coronavirus has shown that how they can be so deceptive, even at the expense of other lives around the world. And so they need to change their ways and become a fair player if they want to continue to be part of the world stage. Neil real quickly, Liability Protection from meat processors, many were forced to open under the president s direct order, a lot are concerned should more workers get sick, theyre on the legal hook for that. Where does that stand right now . Sure. Well i have introduced legislation to protect them so that wears a mask they open safely and provide very important food and meat for our consumers, theyre not exposed to frivolous lawsuits. That is the last thing we need right now. And, i visited with the leadership both in the house and senate, putting together a large package that will provide Liability Protections. Theyre very interested in my particular bill that addresses the meatpacking plants because it is crucial that we keep them open. We have pork and beef products and chicken and others out on the farm and yet we have empty shelves in the grocery store. And we need to keep these packing plants open so that our farmers, ranchers have someplace to sell animals and livestock. So that consumers can find meet when they go to the grocery store. Neil keep us posted how that legislation is going, congresswoman. We appreciate you taking the time to answer all the other breaking news questions wears a mask well. Congresswoman Vicki Hartzler of missouri. Thank you, congresswoman. I want to go to jetblue ceo. In case you have problems or concerns about the proverbial middle seat, jetblue said they will not use it. You wont have to worry about it. Robin hayes with us right now. Why did you decide this, robin . Hi, neil. We, the number one thing we can do at the moment is give people confidence that if they need to fly, well make it wears a mask safe wears a mask anythings that they need to do in their lives. You know, we know from talking to our customers, one of their concerns is, im on the airplane. I sat next to someone that i dont know. And you know, how can you make me feel better about that. What we announced to july 6th well keep middle seat free unless you are a group wish to sit together. That with the face coverings, all the other things were doing, we think is creating a environment where people should feel completely comfortable and safe about getting on an airplane when they want to make that trip. Neil looks like what you hope for is 60, 65 capacity on a typical jet is that right . Were capping our flights at maximum 60 , in addition to middle seats, were keeping rows, inflight crewmembers sit, creating a buffer zone between them and their customers. Just for added peace of mind for the crewmembers and customers. Neil you were talking about bumping off the bottom, referring to traffic that might be picking up a bit. You think youre through the worst of it . Yeah, you know we were bumping along the bottom for a while. We bumped off the bottom. Were seeing eight to 9 of what we would expect middle of april when we were on the bottom. It was closer to 3 or 4 . Were also seeing a little bit of interest for vacation travel and people booking trips for holiday period later in the year. Neil you know, a lot of your employees, i think delta was hearing the same, they were concerned that youre giving them shortshrift. Their hours were cut. Some looked to be laid off. They think theyre paying the price for that. What do you say to them . You know, our, at jetblue weve been around 20 years. We never furlough ad crew member. Weve been through, we were created before 9 11. We went through the financial crisis in 2018 2008 and 2009. Our number one priority is to protect wears a mask many jobs wears a mask possible. That is what were focused on. Were greatful for the cares act. It buys us some time, President Trump, government, administration, members of congress, everyone came together to allow airlines to buy some time so we can see how the recovery takes hold because when, if you sit airplanes down, if you furlough airline employees, you cant just turn it on the next day. It can take months, to get airplanes, get pilots we trained. We want to be here for when the economy starts to tick up again. This cares act buys us time. The cares act protects our people through the 30th of september. We need to think about what the world looks like after that. Neil you come under criticism, not you directly but delta and some others, i believe united, those that got some relief, Elizabeth Warren was among those, that you shouldnt have gotten it if you were going to go ahead and cut employees hours. What do you say to that . Well, i mean, pay rates are protected under the cares act and so. Neil right. The money that the airlines got under the cares act only covers about 76 of what our people got last year. And, you know, demand is about five to 10 . So there is a lot less hours in the system. We have a number of problems that crewmembers can sign up to in terms of reduced hours. 60 of jetblue crewmembers, taken voluntary time off. But every dollar of the cares act money, every dollar of that payroll support goes directly to support the salaries of our crewmembers. And that, again, buys us time. Our number one priority for jetblue to get to the first of october, come out the other side of this and protect wears a mask many jobs wears a mask we can. Neil all right. I understand that. You cant create demand out of thin air right now because that is certainly lacking for your entire industry. Robert hayes, thank you very much, the jetblue ceo joining us right now. Were following a lot of developments right now. Were due to hear shortly from the president of the United States. He is speaking to reporters here. I think you know the drill. He is long boarded marine one. That tapes get back to us and some of the issues he is saying, confidence potential vaccines are out there right now. We invested wears a mask a country, better than 1 1 2 billion i believe in astrazeneca. Among billions more were committing to promising efforts to treat coronavirus or at least mitigate its more devastating impact. Were also getting word that the president might have addressed this idea whether he is going to be wearing a facemask when he visits ypsilanti, michigan, ford plant later today. It is required. The big question is not so much whether he alone chooses not to wear a mask where it is required but whether any other executives showing him around will, to support him, not all be Wearing Masks themselves. Were monitoring that. Also monitoring the wall street reaction to all these developments here, not the least of which is concern that even wears a mask good and strong wears a mask the retail news has been, a lot of people are taking profits from yesterdays runup. That and the fact that amazon a short while ago indicated its prime day, a big sales day for the company, which was to be of course a summer event, pushed back until at least september. But amazon has been on fire. I think it has had day after day of record closes here. That is sort of like the wind at retail sectors back but not all retailers have been benefiting. President s pitch will be the same, he will pound this again in michigan. The idea the economy has to get back, people have to get back to work, businesses have to be allowed to do what they do best. Business, make money that will balance out all well with concerns of public safety. The president. So we have a lot of good things going. We had a meeting with Mitch Mcconnell and the group. Were working on a package of very positive things. Were getting very good numbers, looks like the numbers are going to be very good into the future. Were going to be very strong starting with our transition period which will be probably june, june july. I think youre going to see some very good numbers coming out. And next year will be an incredible economic year for this country. One of our best. Always paying respects to the people that have lost their lives. We always have to remember that. The people that have lost their lives. Do you have any questions . Reporter mr. President , where are you on funding for michigan. A lot of people are concerned. They are flooded out. Last thing to see we are looking at the floods. We have our people from the army corps of engineers there. We have fema there. I spoke with the governor, Governor Whitmer yesterday, and we have a very good understanding but we have moved our best people into michigan and our most talented engineers, designers, the people from the army corps of engineers. They do these things probably better than anyone in the world. Reporter what about funding though . Well take a look. Well take a look. That was, unrelated to that. Reporter [inaudible] russia and us have developed very Good Relationship. Wears a mask you know we worked on the oil problem together. I think we have a very Good Relationship with russia but russia didnt adhere to the treaty. So until they adhere we will pull out but there is a very good chance, well make a new agreement or do something to put that agreement back together. But whenever there is an agreement that another party doesnt agree to, we have many of those agreements around the world where it is two Party Agreement but they dont adhere to it and we do. When we have things like that we pull out also. That is why with the Arms Treaties, look at the Arms Treaties were probably going to make a deal with russia on arms treaty. China will may be included in that. Well see what happens. We have a lot of things. When we have agreement, we have a treaty and other side doesnt adhere to it, in many cases theyre old treaties, old agreement the. Well pull out also. What will happen well pull out and come back to make a deal. We had a very good rimm with russia. You can see that with respect to oil, and what is happening with oil. Reporter [inaudible] i didnt know that. Reporter i didnt know it. I didnt know it. Reporter reaction . Reporter [inaudible]. Say it . Reporter businesses going to make things worse than russia, increase tensions . I think well have very Good Relationship with russia. I think that, if you look at what happened with oil where russia, saudi arabia and us got together, and we saved in our country millions of energy jobs. You see oil now is solidifying. So it is best of all worlds. Were saving energy jobs but our drivers have very low gasoline price. Reporter will you wear a mask today at ford plant . I dont know. Well look at it. A lot of people asked me that question. I want to get our country back to normal. I want it normalized. One of the other things i want to do is get churches open. The churches are not being treated with respect by a lot of the democrat governors. I want to get our churches open. And were going to take a very strong position on that very soon. Reporter yeah. Including mosques. Including mosques. [ inaudible question ] yes, i wish them well. Very well. Go ahead. Reporter [ inaudible ] how confident are you one will be ready by the fall . You have astrazeneca which is a Great Company and you have others, johnson johnson, we have a lot of things happening on the vaccine front, on the therapeutic front. If you look at therapeutically, we are doing great. And on the cure front, which is the next step. I think we have tremendous things, that announcement came out this morning, thats a very positive announcement in addition to all the other announcements. We are so far ahead of where people thought wed be, but therapeutically its very interesting whats going on, and cure. So youre going to have a lot of big announcements over the next week or two. Reporter [ inaudible ]. We are helping michigan with their flood. We have the people to do it. Reporter what about the funding . We dont want them to do mailin ballots because its going to lead to total election fraud. So we dont want them to do mailin ballots. We dont want anyone to do mailin ballots. Now, if somebody has to mail it in because theyre sick or by the way, because they live in the white house, and they have to vote in florida and they wont be in florida, if theres a reason for it, thats okay. If theres a reason. But if theres not, we dont want to take any chances with fraud in our elections. Reporter the Chinese Parliament is poised to pass a National Security law cracking down [ inaudible ]. Are you aware of this . I dont know what it is because nobody knows yet. If it happened, well address that issue very strongly. Reporter [ inaudible ]. So looks like g7 may be on because we have done well. We are ahead of schedule in terms of our country and some of the other countries are doing very well. Looks like g7 will be on, a full g7, and well be announcing something probably early next week. Reporter [ inaudible ]. I cant hear you. You have your mask on. I cant hear a word. Reporter [ inaudible ]. Well be talking to you about it. Reporter how long do you expect to take hydroxychloroquine . I think its another day. I had a twoweek regimen of hydroxychloroquine and i have taken it, i think just about two weeks. I think its another day. Im still here. Im still here. And i tested very positive ly today in another test, this morning. Yeah. I tested positively or negative, right . No, i tested perfectly this morning. Meaning i tested negative. [ inaudible question ] positively toward the negative. Reporter have you taken the Antibody Test yet, sir . No, i have not. Reporter Columbia University put out a report in the New York Times today that said 36,000 people would have been saved if you guys did social distancing measures just one week earlier. Do you believe that . Whats your reaction to that . I was so early, i was earlier than anybody thought. I put a ban on people coming in from china. Everybody fought me on that, they didnt want it. Nancy pelosi, a month later, was dancing in the streets of San Francisco in chinatown, people wouldnt believe whats happening. I dont even blame that. But i was way early. Columbias an institution thats very liberal, its i think its just a political hit job, you want to know the truth. Reporter you want to have the g7 here at the white house or camp david . We will have it probably at the white house and maybe a little combination of camp david but primarily at the white house. If we do the g7, when that all comes together, probably it will be in d. C. At the white house. Okay . But there could be a piece of it as camp david which is nearby. Reporter [ inaudible ]. So again, our relationship with russia has improved greatly, especially since the russian hoax has been proven totally false and illegal, what they did. This was an illegal hoax and they got caught. They got caught doing a lot of bad things. Lets see how that turns out. Our relationship with russia has come a long way in the last few months. I think that the open sky will all work out. But right now, you have an agreement and the other side doesnt adhere to the agreement, were not going to adhere to it either. I think something very positive will work out. Reporter [ inaudible ]. Im thinking about going. That will be next week, to the rocket launch. I hope youre all going to join me. I would like to put you on the rocket and get rid of you for awhile. Okay. Thank you very much. Thank you. Neil all right. A couple interesting comments there tehe end, the president referring to the spacex launch where two astronauts will launch from cape canaveral, first time we have seen a u. S. Launch into space for the first time in the better part of a decade. Hes Still Holding out the possibility he could be there, even zinging some of the reporters that he would love to put them in a rocket into space. He also talked about hydroxychloroquine, that hes wrapping up his own regimen with the controversial drug. Not controversial insofar as it takes care of those dealing with malaria and lupus. Its still a big question mark as to whether it helps those dealing with covid19. As we have been reporting here, the issue seems to be for vulnerable subsets of the population, those with cardiac and respiratory issues for whom there is the risk that this could kill them, this could cause abnormalities and all. Very few but it is a risk. So he is dialing that back. Theyre not exactly sure why, but that was one of the things the president indicated. Also talking about that big investment the u. S. Government has made to help astrazeneca along in that quest for a vaccine. Its a 1. 2 billion commitment. More money will be spent as the president leads this Marshall Plan effort to find a cure or vaccine or something that deals with the damaging effects of the coronavirus that has already claimed better than 93,000 american lives. He is on his way to michigan right now. He will be visiting a Ford Motor Company plant that has been retrofitted now to make ventilators and personal protective equipment, ppe, you hear a lot about it. The big question is whether he is going to be wearing a face mask when hes there, hospital mask. He has so far not been seen at least photographed or videotaped wearing such a mask on a number of other cases, the very issue has come up. Whether the other ford executives who will be giving him a tour of the plant will be wearing that and sort of saying you, mr. President , should do this as well, well see. Theres a parlor game of intrigue here later on today whether he will or not. Enter Charlie Gasparino, very good at parlor games and intrigue and breaking news. Charlie, if you time this, his visit to that plant and his concerns about michigan, his concerns about industrial states, you and i have gotten into it again and again. This entire year turns on his response to the virus. It really comes down to that, doesnt it . Charlie it does. By the way, i thought that was a great i would love to see more of that out of donald trump. He was somewhat selfdeprecating, he was funny about sending the reporters up in space. I thought that was a great line. By the way, what president doesnt want to do that . He had to tout his own stuff, he did it directly and he stayed away from crazytown. I think this is where donald trump i think is going to get in trouble, and i know this because i just know the way the democrats are going to attack him. I have a lot of sources on wall street who are very close to biden and they are going to basically say the guy is nuts. Hes going to say joe biden is sleepy and old and try to suggest that hes senile, not up for the job. They will come back and say hes nuts. They are going to play that meme in particular in those industrial states that were very close, that all now have democratic governors, pennsylvania has a democratic governor, michigan has a democratic governor, wisconsin has a democratic governor and they think that meme that donald was uneven in his response, that this press conference, like i said, he was good here. It was the other ones that is problematic. His attacks on people, you know. Yesterday he was raising some crazy issue about a woman who died unexpectedly in Joe Scarboroughs office 30 years ago. Thats the type of stuff they are going to sort of tear at him and its going to be hes going to have to have a hard time overcoming that, particularly because those states he needs to win, that he won the last time, all run by democrats now. Its going to be very interesting to see how he pulls that off. Neil i know you have other stories but one of the things i note, it was a little different than in the past, he did show a little bit of humor there, but this idea of where hes obviously upset about michigan and this idea of the mailin vote and all but to threaten coronavirus aid to the state or even emergency aid or at least to imply that, the flooding and everything else, that might have been a separate issue, but i dont believe the two are connected. That could get him in a heap of trouble. You know . Charlie yeah. I mean, any time you tie aid to particularly in a time of crisis, you know, that sounds like blackmail, right . It just sounds so bad. Again, i think that, you know, i give him an aminus for this. It was pretty funny aside from a few things, you know, his stuff on hydroxychloroquine, you know, say what you want, my brother prescribes it, okay, just so you know. Why do doctors in hospitals particularly in new york, although i hear they are doing a lot less of it now, prescribe it in icus like my brother did. Because there was nothing else available. By the way, the science on its effectiveness is right now pretty mixed and weak. People dont know if they are Getting Better because they are Getting Better or neil just to be clear, im sure your brother does say and weigh whether they have any underlying conditions that would make them vulnerable to some of these other issues that could take away the benefits, right . Charlie not just that, neil, he monitors them strictly because this stuff has been known to kill people, give them heart attacks. He monitors them strictly. Again, you know, hes not sure it works and you know, thats generally the prevailing wisdom and most doctors i know, you know, like i said, they use it i saw some story someone sent to me, it was after your little controversy that doctors say, you know, the most effective cure for covid and there is no cure for covid. Its only effective because theres nothing else there. So when you see some anecdotal evidence people Getting Better you think its effective. You really need to wait on testing on this thing before drawing conclusions and by the way, it does work for malaria neil all we were saying in our reporting, you just touched on it, it works for malaria, for lupus. All were saying is when the president mentioned what have you got to lose, for a vulnerable subset, albeit small subset of the population, it can be very very risky. But again, we can go on and on about that. But you do have some other news for us as well, right . Charlie yeah. I mean, neil, the good thing here is as the president said earlier, there are cures possibly on the way, there are some vaccines possibly on the way. Thats all great developments. Also, the other thing that we do know is that the virus spread, particularly in new york, has declined dramatically recently. I can tell you anecdotally from what my brother says at brooklyn hospital, and i can tell you numberswise, know it, Governor Cuomo said it, ned lamont in neighboring connecticut has said it, new jersey governor has said it. So what does that mean for reopening manhattan, which is the Financial Center of the world . Im getting this from executives at the big banks. There is nothing written in stone, but the general consensus and they are meeting together, by the way, they are dealing with this in unison, general consensus is they can start bringing back people, more people, sooner rather than later. Later was late in the summer. Sooner right now means, again, its a moving target, its unofficial, its junejuly time frame, where people can start coming back to offices. Now, will this be the whole enchilada, no. They will filter them back in. Basically Office Culture will be a lot different, particularly manhattan Going Forward. There will be less people in elevators. You just cant bring all the people back in. But they are gearing up for some sort of open at least as of now. It could change when the data changes but bringing people back in in midjune, july. A lot of this is related to the fact that, you know, you cant have everybody working from home. Some people can. Brokers, the Financial Advisers do very well at home. Others, traders, not so much. People can come back, people they are eyeing that junejuly period for more whats known as essential workers coming back in. Now, lot of people say, i mean, i have done some reporting on this and people say well, cant cuomo just it, Governor Cuomo. Remember what Governor Cuomo said. Essential businesses can operate still. Wall street is still an essential business. The financial sector, the banks. So its essentially up to the banks the bring people back. The New York Stock Exchange was able to marginally open the floor recently. I believe they will do it after labor day because New York Stock Exchange is considered an essential business. Thats where we are right now. It looks like because things are Getting Better, that schedule of reopening or starting to reopen the big banks in new york city is being moved up to that junejuly area. You know, a lot of other businesses take their cues from the new york city banks. Back to you. Neil memorial day, after memorial day for traders to return to the floor . Charlie some. Some traders marginally, socially distanced. The big banks is later, junejuly area, i heard. Neil well, im not back until youre back. If youre not going back, im not going back. That will decide what i do. Charlie when was the last time you got a haircut . My motherinlaw is a big fan, obviously. She thinks youre a wonderful guy but she notices your hair is getting long. I cant see you right now. When was the last time you got a haircut . Neil youre on a needtoknow basis. Im going to put you on that rocket. Thank you, my friend. The best in the business, Charlie Gasparino. In the meantime, we got david lee miller. Charlie touched on some of these big new york changes. A lot of the numbers are looking a little more favorable. There are some irregularities. David lee following all of that right now. Joins us from manhattan. David lee . Reporter hi, neil. New yorks mayor bill deblasio is saying the city is preparing to reopen as soon as next month. Already, under way in some parts of the state is the economic restart. It includes things like manufacturing, construction, as well as retail with curbside pickup. The mayor says the restart in new york city is going to be especially challenging and it is still in the planning stages. He did leave some wiggle room, though, depending on the potential spread of the virus. Listenment. Somewhere between june 1st and june 15th, im basing that on everything we know today. Today, i will put an asterisk that you wont be surprised on saying, you know, this disease has thrown us a lot of curveballs so we wont rest on laurels or assume we have a crystal ball here. We are basing it on the trend which has been pretty damn consistent. Reporter when many, many more lives. When you think about it in retrospect, the virus is in china november and december. Everybody knows that. We do a china travel ban february 1. The president did it. Reporter okay. Little confusing there. That was Governor Cuomo talking about the early spread of the virus, reports that it was here much earlier than reported. As i was saying, Governor Cuomo today addressed the remarks by the mayor about the reopening of the city and he said its going to be driven by seven metrics. He said not opinion, but facts. Statewide the governor says all major indicators are trending down. In his words, we got over the mountain figuratively and literally, the number of new covid cases is where it was at the start of the crisis. The latest daily death toll is 105, down seven from the day before. Cuomo raised further concern about a virus linked inflammatory disease that has infected 157 kids throughout the state. He said that there are now reports of that disease in 25 states as well as washington, d. C. And he expressed frustration that information about the virus seems to be constantly changing. He pointed out that initial reports said kids would not be affected and that antibodies were going to protect you from a second bout. Lastly, he cautioned new yorkers that this is not going to be the usual memorial day weekend. State beaches would be open but capacity is going to be limited to 50 , social distancing he said must be practiced, masks must be worn when in close proximity to others. His final piece of advice, get there early. He said that he expects the parking lots at the beaches to be full by midmorning. Neil . Neil thats probably an understatement. Thank you, david lee miller. We heard it from Charlie Gasparino, trying to get a gauge again from david lee about how many new yorkers eventually do return. There are Many Companies saying theres no rush here, folks. Mastercard indicating that workers can go ahead and continue working from home until the whole virus threat ends. Of course, remember jack dorsey at twitter saying if he had his druthers, if workers want to work from home, they can do so indefinitely. Other companies saying much the same. I believe google had delayed plans on building a large corporate facility because its rethinking the need for, you know, forking over that kind of dough even though it has plenty of dough, given the new environment where so many are working from home. Liz peek was on this trend very very early. Good shoutout to her. Right now, we are going to go to her. You know, liz, its interesting, you and i touched on this, it is changing the Way Companies think, isnt it, about do we need to just crowd into big old offices and skyscrapers when in fact, we have been getting a pretty good bang for the buck working from home. Where do you see this going . Well, i think its going to be mixed but look, studies have shown that productivity actually goes up, sometimes as much as 40 , when people work from home. They dont have on commute, theyre not distracted by office chatter, et cetera. Secondly, something thats really important to a lot of companies, i have spoken to two companies very concerned about the cost of office space, particularly in manhattan and other high cost cities. This is a huge expense line. Banks, for example, have been trying to reduce that cost by squeezing more people into smaller and smaller cubicles. Obviously that doesnt work in the era of covid19. So there are cost issues here, there is also convenience issues and finally, there are people like stayathome moms or sorry, people with small children who really will grasp this opportunity to stay at home, be with their children more and also, if they can manage it, to keep their job. On the flipside, i heard from a senior guy in one of the Biggest Companies in america, he thinks people are just getting bored with being at home. He thinks people want to come back to the office. He thinks theres a real drain on the sort of communal productivity and inspiration or creativity, if you will. I think theres some, you know, theres some positives but i think the interesting thing with mastercard was that they were giving people a choice, and i think its totally understandable why. If fox opened tomorrow and sort of intelligently said okay, we are ready to have everyone come back except for people over 65 or who are overweight or have some Underlying Health condition, you would have lawsuits flying around like crazy. They havent done this, you know, indemnification or liability thing that i think is incredibly important at getting people back and absent that, how can you possibly do that. So the companies are going to put on the employees, i think, the responsibility for whether or not they want to be in an office environment. You know, think its going to be very individual and very tough. Neil you had to mention the weight thing, didnt you . We will talk about that offair. Kidding. Just as you are saying, its interesting because Mark Zuckerberg of facebook, i dont know where hes speaking, but hes saying he expects about half his work force, working remotely over the next five to ten years. A lot of technology companies, thats a little more doable than it is for more traditional companies, although not across the board, but again, the latest reminder that this is changing our work site kind of ethos, isnt it . Exactly right. I think Tech Companies are very comfortable with this because they are very comfortable with tech. Whats really impressive, if theres any positive thats come out of this horror of covid19, its that the entire country and perhaps the world has moved forward so rapidly on its embrace of technology of zoom, teleconferencing, et cetera. That wasnt going to happen for a long time. Now it has and i think there are Industries Like airlines, you know, im always wary of saying life will never be the same, but i think this does have an impact pretty long term. There are some industries that will feel that. Neil i definitely think youre right. The proof of the pudding is when i hear my own family say when are you going back, exactly when are you going back . Get out of the house, dad. Neil great chatting with you again. Right. Theres the door. Dont let it hit you on the way out. A lot more after this. Stay with us. We are learning also that these comments that Mark Zuckerberg was making were to employees. I dont know whether it was an employeewide event but to employees at facebook, up to half of them could be working from home maybe for yoeears to come. After this. Americas oldest lighthouse has weathered many storms. Seeing the break in the clouds before anyone else. Together, well weather this storm. Why accept it frompt an incompyour allergy pills . E else. 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We, you know, the number one thing we can do at the moment is give people confidence that if they need to fly, that we are going to make it as safe as anything else they need to do in their lives. Neil jetblue, you dont have to worry about the middle seat, at least through the middle part of the summer, i think the middle of july, he was talking about there. There are going to be changes when you fly and people will be Wearing Masks at the airport, they will be checking your temp and all that stuff but its going to be a whole new world when you venture out there. Doesnt greg palkott know it from Londons Heathrow airport. Hey, greg. Reporter we are on the eve of a long Holiday Weekend in the uk, just like you folks in the states. Im standing in front of Heathrow Airport and you wouldnt believe it, im going to step aside and let my cameraman show you what we are seeing, basically a parking lot for grounded airplanes. We have seen very few takeoffs or landings all due to covid19. We just spoke to an official at the airport and get this, neil. He says this Massive International hub now is doing only 3 capacity and remember, we are several months into this coronavirus pandemic. Countries shutting down their borders, a big factor but today, Heathrow Airport is launching another effort to get folks flying. Thermal Screening Technology aimed at detecting travelers with temperatures with covid. Looking at other innovations, contactfree security, even ultraviolet cleaning of those security trays we deal with. Other airports in the past few weeks have been doing their own covid screening. Heathrow today, however, is also part of global coordination, Common International standards for these Health Checks. Kind of like the standards we see for the antiterror security checks. Take a listen to what a spokesperson for the Airlines Told us a short time ago. We need measures like this alongside others to make sure that passengers feel comfortable, able to on their journey but also governments around the world are comfortable to open up borders to allow that kind of travel to start. Reporter Airline Officials tell us that these temperature screenings are just one layer of the Health Checks they got to put in place. In fact, just like the layers and layers of security checks we have been dealing with for years. But its all about the survival of the passengers and the staff and as your viewers well know, the airline industry. Back to you. Neil especially the airline industry. Greg, great report. Thank you very much. So they park them there, too, just like they do here. A lot more after this, including the protests that are ongoing because we are not undoing fast enough. After this. Looks like they picked the wrong getaway driver. Theyre going to be paying for this for a long time. 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Neil this all started with Charlie Gasparino talking about everyone worried about people, you know, leaving the city and very few going back into the city and thats caused problems for folks who are, well, enjoying not being in the city. Kristina partsinevelos on a trend thats going to be pretty noteworthy. Kristina . Kristina yeah. Some big City Residents might be out for good, whether its the smaller living spaces, the dense population, the crowded subways. A lot of these city dwellers are worried about their postcovid future, especially for their childr children, which is why theres been a slew of inquiries about enrollment in rural areas. Take a listen. The hamptons are an example as are the connecticut relocations and into upstate new york that mirror how people will be dispersing out of cities and looking outside to relocate to rural areas. Kristina here in new york city, parents are worried about whether school is going to start in the fall, are you going to have it online, is it going to be staggered schedules, one day off, one day on in order to keep desks separated as well as buses half empty. I spoke to one mother who doesnt want to go on camera and she pays roughly 55,000 for a private school here in manhattan. She said later today, her daughter has a zoom interview with a school in north carolina. New york city is no longer a safe option. You are also seeing smaller districts like southampton, sag harbor, receiving inquiries from parents to enroll their children. I spoke with the head of advancement at the private School Called rock school in east hampton. She said shes already enrolled 20 new york city students and is expecting a 50 drop in international boarders and the tuition for the school ranges from 22,000 to 45,000. Listen in. Its also very sad for me that these families have to completely uproot themselves and move from new york city out to the hamptons. Kristina its not clear yet if the city dwellers are going to pull the plug for good, but they are certainly making the first few steps. Neil . Neil thats wild. All right, thank you very very much. Kristina partsinevelos. Well, if you have been gleaning from reports like that and elsewhere, you heard from Charlie Gasparino and david lee miller, a host of others, the trend seems to be that this will be a slow kind of change for the economy as we slowly get back to work in all 50 states, sort of unwinding a lot of provisions that have been in effect for the better part of a couple of months. Chris hogan is with us, gary b. Smith on what we have to see. The biggest adjustment will be for those who needed work and got work getting back, whether they are going to be relieved and there are going to be enough of them to make a difference in the economy. Could be a long wait, right . Well, it really could. Heres the reality. We have had all the governors have had autonomy on their plan and what they were going to do. Theres no uniform process for this. This pandemic is very real. But you and i both know that people definitely need to be safe and take precautions but weve got to get back to work. Its time for people to get out to be able to provide for themselves as well as their families so in order for this economy to get jumpstarted, businesses need to open. Neil so you know, lily, im wondering about that from the businesses that need to open, lets say you are lucky enough that you have been working from home and havent lost your job, you havent lost your propensity to spend because of amazon, and walmart online, if sales are any indication or target online sales are any indication, its pretty strong. Im wondering where you see this going for the economy. Well, i am a Business Owner and i did receive the ppp which is helping for eight weeks, but heres the catch. Even if we reopen, some of the Unemployment Benefits, for example, are more generous than job offers that some Business Owners are willing or able to put forward. So people may not even be motivated to come back to work. I have anecdotal evidence from people that have told me already that folks are declining new jobs because of that premise. So in the autonomy that every state has, that speed to reopen or not is going to impact our ability to keep people on payroll or rehire at all, and it may be now for florida but who knows what it would be for us here in new york city. So its a wild guess and very different from town to town. Neil you know, the language were hearing out of Federal Reserve officials, gary b. , is that this might be a late 2021 development before we kind of find our footing here. But that it will get better, the quarter in is the worst of it, i know its a fools game to try to gauge that, but it gets better and better after that. Do you buy that consensus . I dont, but im on the more positive side. I guess you expect me to say its going to be worse than that. Lily comes up with i think the key point. I heard a Restaurant Owner interviewed the other day and he said when are you going to open, and he goes when my workers Unemployment Benefits stop, because shes exactly right. But once they stop, say that goes, you know, two weeks longer than hes ready to open and he cant open, i think the economy is going to boom. I think its all going to depend on how liberal the governors and local officials are in opening up their states. I know here in florida, things are ready to sprout. As soon as they open the beaches, they were jammed. People cant wait to get out into the restaurants. As soon as the businesses, assuming, by the way, they can last that long, they can pay their lease, they can pay their electric, they can pay the refrigeration costs as an example in restaurants, i think we are going to be ready to charge. People say oh, my gosh, is it going to extend long and i get it because you look at some of those impending unemployment numbers of over 20 , you think oh, my gosh, this time its different. I dont agree. I think this could be a vshaped recovery. Neil interesting. Chris, how do you advise people who might be concerned about their own job security . Of course, you advise them dont overspend, dont go nuts, but for a good subset of the population, i believe one out of four restaurants we are told will never reopen. How do you advise them in this phase we are going through now . I think its really important, if you are concerned for your job, you want to be proactive, not reactive. So i would definitely update the resume, start to put down your job skills, get it there but also, reach out and let people know in your circle. Let family members know you are looking for a job. Let coworkers and peers know. As we find out, its not so much about what you know, what jobs, its about who you know. I want people to cast a wide net and dont be too proud to start with something. Its so much easier to find a job when you have one. So be intentional, be proactive and get some money coming in for you and your family. Neil i tell people i know, gary b. , and it doesnt move the needle. I dont know why that is. Joking. Im joking. You know, lily, for women, too, particularly for minority women, theres a disproportionate lag here. Im wondering why that is and why that still remains the case. You know, its a fascinating trend to watch. A lot of people may not realize but Women Entrepreneurs are the Fastest Growing segment in america, creating new businesses at a rate of five to one, but in addition to that, minority women are also and minorities in general are the engine for new business creation. However, a lot of us, myself included, i came here as an immigrant, i dont have longstanding banking relationships and therefore, there was a lower proportion of women and minorityowned businesses that were able to take advantage of the ppp in a timely fashion and maybe by the time second waive cave came in too late and they already had to furlough or close their businesses. There are funds sprouting from the likes of Magic Johnson and others that are trying to specifically target those that didnt get that benefit, but i think it has to do with, you know, many of us are firsttime entrepreneurs, many are first, you know, College Educated round of businesses and we are having to kind of wing this stuff on our own and others got the money before those businesses that are going to need it for a long time. Neil gary b. , final question to you. You have a very uncanny read of the markets. In this environment, how do you play it . The market if you think about it has run up pretty far and fast from that quick descent. Too fast . What are your thoughts . Yeah, boy, thats a good question on the too fast. I guess it depends what model you subscribe to. If you are on my model, the vshaped recovery, theres still some good bargains out there. Now, if i am wrong, and as you well know, neil, i have been wrong once or twice in the last 20 years, if its more of a u shape and we start the drip, drip, drip, then the market is definitely going to come back down. Im positive so im bullish on the market. I think these stocks have run up for a reason. I think you got to pick your players. Look, it looks like amazon, walmart, amazon was already well positioned. Walmarts adapted. Some restaurant chains have adapted. I think if you pick the players Going Forward that kind of were strong before and boy, they hardly got hit, i think you are going to be in really good shape marketwise. Neil all right. We shall see. You know, i think it goes without saying, when you look at the way the world is right now, watch what youre spending. Bull or bearish times, you yuju got to watch what youre spending, right . Absolutely right. Being in conserve mode is very important. We have to protect our income, be very very aware and be grown up enough to tell some things need to wait. We got to take care of priorities. Neil but you are cheap. Youre brilliant but you are cheap. Theres got to be a good middle ground there. You are very successful at it. By the way, he will be joining us for a virtual town hall with stuart varney, America Works together, next week at 11 00 a. M. Very good practical advice about how you get through this and move on as we open up. Stay with us. To everyone navigating these uncertain times. Whether youre caring for your family at home or those at work, principal is by your side. Were working hard to answer your questions. Like helping you understand what the recently passed economic package can mean for you. Were more than a financial company. Were a together we can get through anything company. Now, more than ever. Of all the places youre looking forward to where will you go first . 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The move right now to support the crackdown on china, we told but state attorneys general trying to extract money from the chinese because they needlessly put this china virus as the president calls it, on us. Then theres the move to crack down on Chinese Companies listed here on american stock exchanges, get them delisted here. In the middle of all of that, congressman mike mccaul of the beautiful state of texas. Where is all this going, congressman . Obviously we want to crack down on the chinese. Im sure we keep one eye on that trade deal that looks like it could be pushed back, or at least the results of it pushed back. Where are you on this . Well, i was appointed chairman of the china task force. We will be looking at all these issues in terms of supply chain out of china, medical supplies, technology, advanced Semiconductor Chips, but with respect to the stock exchange, its very odd that theres a carvedout exception for chinese stocks. So while American Companies have to comply with this transparency to open their books up, these companies from the Chinese Communist party are excepted from that. I know theres a bill out of the senate to basically erase that exception so that they would have to be transparent as well. We are also looking at the savings plan, Retirement Plan for all federal employees, is invested heavily in chinese stocks that support the Chinese Communist party. Neil do you ever worry, congressman, that you can go too far and the chinese maybe think their debt purchases or, you know, theres mutual destruction . Well, i think the key here is to, when it comes to critical assets like medical, like Semiconductor Chips, to pool our reliance outside of the Chinese Communist party. I think the problem is that we have become vulnerable like australia now, there is 80 tariff on goods coming from australia. They really put us in a vulnerable spot and i think we need to be more selfreliant as a nation. And the Semiconductor Chip one is a very good example, where we could actually pull supply chains out and start manufacturing more of these highgrade Semiconductor Chips right here in the United States, creating more jobs, but also enhancing our National Security against what is going to be the most, biggest longterm threat to our National Security interests. Neil we will watch it closely, congressman. Thank you very much for taking the time. We have a lot of breaking news here. We told you about a number of states that are delaying a lot of provisions about opening up their states. I want you to meet a connecticut barber who said well, thats a cut too far. See what i did there . A cut too far. After this. In my line of work, i come face to face with a lot of behinds. So i know theres a big need for gasx maximum strength. It works fast. Relieving pressure, bloating, and discomfort before you know it. So no one needs to know youve got gas. Gasx so no one needs to know youve got gas. 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There are no networks or referrals to worry about. Do you accept medicare patients . I sure do see . Youre able to stick with him. Like to travel . This kind of plan goes with you anywhere you travel in the country. So go ahead, spend winter somewhere warm. If youre turning 65 soon or over 65 and planning to retire, find out more about the plans that live up to their name. Thumbs up to that remember, the time to prepare is before you go on medicare dont wait. Get started today. Call unitedhealthcare and ask for your free decision guide. Learn more about aarp Medicare Supplement plan options and rates to fit your needs oh, and happy birthday. Or retirement. In advance. Neil all right. Imagine being a store or salon owner in the state of connecticut, youre told you can open up, then at the last minute, the governor pulls the rug out from under you, pushes that back. Thats a cut too deep for the boutique barbershop owner. Jeff, that was not welcome news to you, was it . No, not at all. Im still blown away by someone making the decision two days before we were allowed to open, to give you an example of how that felt, it was like if someone came in and took the food right out of your mouth as soon as youre about to eat. Neil that would be war, if that happened. That would be war if that happened to me. Let me ask you, though. This is put back a minimum of one week, two weeks, what are you hearing . You know what, its funny because hes not giving you much in detail. He said possibly june 1st. I was actually inspected by my town today and she said youre all set to go. The governor guidelines that we were given, you have exceeded them so my town has told me im all set to open as soon as the governor says its okay. Neil have you been tempted, looking at these other salon owners in places like texas and elsewhere that went ahead and opened up, risked, you know, even jail but were allowed to stay open . Not everybody, doesnt apply to even most, but are you tempted . Absolutely. You know, at this point, im behind in rent, i need to get some money going. I need the money flow. Im behind on utilities now. So its definitely a possibility. My clients, i had to cancel 130 clients that were coming up. Everyone knows its memorial day weekend, people are going to go to the beach, they are tired of their overgrowth at this point. Neil now, what do you do when you do open up for business, hopefully sooner rather than later . You take all the precautions, you are practicing distancing. Will everyone wear masks . How is that going to go . Yeah, basically everyone has to wear a mask before they come in. Its appointment only. I have been appointment only since i opened up. As soon as someone leaves, i clean up after them, i have lysol, i have disinfecting wipes which i actually had to rush order from ebay and if you go on ebay right now and look up lysol wipes, you can see its hundreds of dollars. Hundreds and hundreds of dollars that i spent preparing myself for this. So dont have any money, spending the money and still, we were put on back hold even though i was prepared. Neil yeah, you sound like it. I also know you have a very loyal client base and you personally have a great reputation. Im very confident it will work out but i can understand your frustration. Hang in there, my friend. Thank you. Neil this story plays out across the country again and again and again. People who just want to get back and start making money because they have bills to pay. Stay with us. announcer in this world where people are staying at home, many of lifes moments are being put on hold. At carvana, we understand that, for some, getting a car just cant wait. To help, were giving our customers up to 90 days to make their first payment. Shop online from the comfort of your couch, and get your car with touchless delivery to keep you safe. And for even Greater Peace of mind, all carvana cars come with a sevenday return policy. So, if you need to keep moving, were here for you. At carvana the safer way to buy a car. And my side super soft . Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your s me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So you can really promise better sleep . Not promise. Prove. Save 1,000 on the sleep number 360® special Edition Smart bed. Plus 0 interest for 36 months free premium delivery when you add a base. Ends monday. Neil you know we talked about how the United States has this Marshall Plan, i guess they call it a modernday medical Marshall Plan to send billions to shore up promising vaccines that might be in the works committing 1. 2 billion to the pharmaceutical powerhouse astrazeneca. That companys head of Global Operations will be joining us on the significance of that and what happens now. That is on your world at 4 00 p. M. Now to Charles Payne. Charles . Charles neil, well be watching for sure. Big breaking news. Also, folks good afternoon. Im Charles Payne and this is making money. Breaking at this very moment the market is in tugofwar between upside momentum and growing geopolitical risk. Resolve is the characteristic of this rebound. Well discuss it. Should investors continue to chase the winners or perhaps choose a different approach . Huge news on the medical front. The cdc says the coronavirus may not be transmitted wears a mask easily wears a mask we thought and the Trump Administration continues the big money financing. Wait until you hear about the big check, what it means. All the Important News and important headlines